Carpenter Technology Co. (NYSE:CRS) Expected to Post Earnings of -$0.75 Per Share

Equities analysts predict that Carpenter Technology Co. (NYSE:CRS) will announce ($0.75) earnings per share (EPS) for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Carpenter Technology’s earnings, with estimates ranging from ($1.22) to ($0.28). Carpenter Technology posted earnings of ($0.58) per share during the same quarter last year, which indicates a negative year-over-year growth rate of 29.3%. The company is scheduled to announce its next earnings results on Thursday, October 28th.

According to Zacks, analysts expect that Carpenter Technology will report full-year earnings of ($0.66) per share for the current fiscal year, with EPS estimates ranging from ($1.42) to $0.15. For the next year, analysts expect that the business will post earnings of $1.95 per share, with EPS estimates ranging from $1.85 to $2.05. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side analysts that follow Carpenter Technology.

Carpenter Technology (NYSE:CRS) last released its earnings results on Thursday, July 29th. The basic materials company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.23. The firm had revenue of $421.60 million for the quarter, compared to analysts’ expectations of $371.45 million. Carpenter Technology had a negative return on equity of 7.02% and a negative net margin of 15.56%.

Separately, JPMorgan Chase & Co. started coverage on Carpenter Technology in a report on Wednesday, June 16th. They issued a “neutral” rating and a $49.00 price target for the company.

Shares of NYSE CRS traded up $1.15 during trading hours on Wednesday, reaching $32.97. The stock had a trading volume of 2,887 shares, compared to its average volume of 361,989. The company has a current ratio of 3.65, a quick ratio of 2.26 and a debt-to-equity ratio of 0.50. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of -6.90 and a beta of 2.15. The business’s fifty day moving average price is $35.85 and its two-hundred day moving average price is $39.99. Carpenter Technology has a 52-week low of $15.90 and a 52-week high of $49.20.

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 7th. Investors of record on Tuesday, August 31st were issued a $0.20 dividend. The ex-dividend date was Monday, August 30th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.43%. Carpenter Technology’s payout ratio is -39.80%.

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in Carpenter Technology by 3.9% during the first quarter. BlackRock Inc. now owns 7,774,489 shares of the basic materials company’s stock worth $319,921,000 after buying an additional 293,744 shares during the period. Vanguard Group Inc. lifted its holdings in Carpenter Technology by 3.2% during the second quarter. Vanguard Group Inc. now owns 5,334,808 shares of the basic materials company’s stock worth $214,566,000 after buying an additional 165,456 shares during the period. Alliancebernstein L.P. lifted its holdings in Carpenter Technology by 14.9% during the second quarter. Alliancebernstein L.P. now owns 3,924,544 shares of the basic materials company’s stock worth $157,845,000 after buying an additional 508,240 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Carpenter Technology by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,318,272 shares of the basic materials company’s stock worth $133,459,000 after buying an additional 22,559 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Carpenter Technology by 1.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,819,722 shares of the basic materials company’s stock worth $116,032,000 after buying an additional 34,558 shares during the period. Institutional investors own 91.53% of the company’s stock.

About Carpenter Technology

Carpenter Technology Corp. engages in the manufacturing, fabrication, and distribution of specialty metals. It operates through the Specialty Alloys Operations and Performance Engineered Products segments. The Specialty Alloys Operations segment comprises of major premium alloy and stainless steel manufacturing operations.

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